Burlachkov V.K.Moscow State Institute of International Relations of the Ministry of Foreign Affairs of Russian Federation, Moscow, Russian Federation vkburl@gmail.com
Importance High rates of technological development enable the use of new forms of money, i.e. electronic money. However, the evolution of the forms does not change common patterns of monetary mechanism functioning. One of them is flexibility of money supply, namely, the ability of the latter to evolve during the change of economic cycle phases. Objectives The paper aims to examine the specifics of monetary mechanism evolution, reveal the areas of electronic money development, elaborate methodological framework for studying the development of forms of money and the use of electronic money, evaluate prospects for cryptocurrencies, including the bitcoin and blockchain technology in payment transactions. Methods The research employs methods of logical and statistical analysis. Results New forms of money appear due to intensification of commodity circulation, enhanced role of services in the modern economy, growing number of transactions in the financial market, increasing cross-border cash flows. We define characteristic features of electronic money, the specifics of file-money (a new form of money as a special data file) and prospects for its use in national and global economic systems. Conclusions The use of electronic money can minimize financial market fluctuations and contribute to relative stability of interest rates. File-money is the most adequate form of electronic money under modern global economy.
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